First half Results 29 July 2011
First Half Results Period highlights 1H11 results Business areas Appendices Sacyr Vallehermoso 2
First Half of 2011 Reduction of financial exposure concluded CAPITALIZATION: February 2011 capital increase ISSUE OF CONVERTIBLE BONDS, April 2011 96 million 200 million Satisfactory operating performance BACKLOG (International focus) OPERATING MARGINS Shareholder remuneration DIVIDEND 0.10/sh BONUS ISSUE 1x33 Remuneration 3.03% Sacyr Vallehermoso 3
Loans and borrowings million Net debt June 2011 December 2010 Chg. 1H11 Corporate 550 414 32.9% Capital-intensive activities 4,963 4,833 2.7% Testa 2,432 2,425 0.3% Sacyr Concesiones 1,208 1,107 9.1% Vallehermoso 1,323 1,301 1.7% Other business areas 514 539-4.7% Sacyr + Somague 27-39 N/M Valoriza 487 578-15.7% Equity investments and other 5,167 5,209-0.8% Repsol YPF 4,908 4,947-0.8% Stake in Itínere 259 262-1.1% NET BORROWINGS 11,194 10,995 1.8% 41% fixed rate and 59% variable Sacyr Vallehermoso 4
Borrowings: Maturity million June Maturity Net debt 2011 11 12 13 Beyond Corporate 550 227 119 3 201 Business areas 4,963-56 185 831 4,003 Testa 2,432-53 99 701 1,684 Sacyr Concesiones 1,208-38 42 63 1,140 Vallehermoso 1,323 35 43 66 1,179 Other business areas 514-128 198 69 374 Sacyr + Somague 27-164 91 34 66 Valoriza 487 36 107 35 309 TOTAL, BUSINESS AREAS 6,027 44 503 902 4,578 Equity investments 5,167 5,009 5 6 146 Stake in Itínere 259 102 5 6 146 Repsol YPF 4,908 4,908 TOTAL SyV GROUP 11,194 Note: contractual maturities, not maturities for accounting purposes. Sacyr Vallehermoso 5
International focus: backlog BACKLOG 50,901 million International 61% Spain 39% International backlog, 1H11 = 30,971 million Growth, January-June 2011 = 4.3% Portfolio 1Q2011 + CONSTRUCTION CONCESSIONS SERVICES International 30% 25% International 74% International 74% Sacyr Vallehermoso 6
International focus: revenue INTERNATIONAL SALES GROWTH +6% 1H10 1H11 International 31% International 37% 1H10 revenue = 2,345 million 1H11 revenue = 2,093 million CONSTRUCTION CONCESSIONS SERVICES International 46% International 42% International 19% 34% Sacyr Vallehermoso 7
Profitability: EBITDA margin EBITDA margin = 13.7% 1H11 vs. 8.3% 1H10 79.9% 79.6% 5.2% 5.7% 13.0% 16.7% 53.1% 65.8% Construction Services Concessions Rental Property 2010 2011 Improvement in operating margins Selective bidding Strict control over opex and overheads Note: EBITDA from residential development 1H11 = -6.0% vs. 1H10 = -71.5% Sacyr Vallehermoso 8
First Half Results Period highlights 1H11 results Business areas Appendices Sacyr Vallehermoso 9
Revenue million 30 JUNE Chg. BUSINESS AREA 2011 2010 11/10 Construction 1,349 1,466-7.9% Services 493 484 2.0% Property 98 299-67.4% Rental Property 123 126-2.0% Concessions 67 30 n.m. Holding and adjustments -37-60 n.m. REVENUE 2,093 2,345-10.8% Sacyr Vallehermoso 10
EBITDA million 30 JUNE Chg. BUSINESS AREA 2011 2010 11/10 Construction 77 77 0.0% Services 82 63 30.6% Property -6-71 91.5% Rental Property 98 101-2.4% Concessions 44 16 n/m Holding and adjustments -8 8 n/m EBITDA 287 194 47.5% EBIDA margin 13.7% 8.3% 5.4 Sacyr Vallehermoso 11
Backlog million 30 JUNE 2011 BACKLOG BY ACTIVITY Backlog % of EBITDA (1) Implied EBITDA Sacyr (construction backlog) 6,138 5.8% 358 Somague (construction backlog) 825 6.6% 55 Vallehermoso (pre-sales) 90-65 (2) Sacyr Concesiones (revenue backlog) 29,378 69.5% 20,425 Testa (leases backlog) 2,519 78.7% 1,983 Valoriza (services backlog) 11,952 15.6% 1,867 TOTAL 50,901 48.6% 24,754 % INTERNATIONAL 61% 66% (1) EBITDA margin at 31 December 2010. At Valoriza, weighted by activity. (2) Calculated as housing stock on the market multiplied by housing sales margin as at 31 December 2010, since owing to current market conditions the pre-sales backlog does not reflect future EBITDA. Sacyr Vallehermoso 12
First Half Results Period highlights 1H11 results Business areas Appendices Sacyr Vallehermoso 13
Construction: Sacyr + Somague million 30 JUNE CONSTRUCTION: SACYR-SOMAGUE 2011 2010 Chg 11/10 Revenue 1,349 1,466-7.9% Spain 722 887-18.6% International 627 578 8.5% EBITDA 77 77 0.0% EBITDA margin 5.7% 5.2% 0.5 NET PROFIT 34 41-16.0% NET PROFIT margin 2.6% 2.8% -0.2 Sacyr Vallehermoso 14
Sacyr + Somague: Activity Revenue breakdown (%) Angola 8% Chile 5% Panama 6% Other countries 2% Italy 9% Spain 54% Portugal 16% REVENUE JUNE 2011 % of total Civil work 1,020 76% Non-residential construction 286 21% Residential construction 43 3% TOTAL 1,349 100% Sacyr Vallehermoso 15
Construction: International Backlog, 6,963 million In1H11, SyV has won major international contracts, including: International 74% Spain 26% The Concepción-Cabrero highway (Chile) Link roads to Iquique project (Chile) Urban development of the Kinaxixi complex (Angola) Foz Tua dam (Portugal) Entry points to the Rajo Sur mine (Chile) International backlog = 5,155 million 31 months of guaranteed activity Sacyr Vallehermoso 16
Services: Valoriza million 30 JUNE SERVICES: VALORIZA 2011 2010 Chg 11/10 Revenue 493 484 2.0% EBITDA 82 63 30.6% EBITDA margin 16.7% 13.0% 3.7 NET PROFIT 21 18 20.4% NET PROFIT margin 4.4% 3.7% 0.7 Sacyr Vallehermoso 17
Valoriza: Activity REVENUE million 1H11 1H10 EBITDA Chg. 11/10 1H11 1H10 Chg. 11/10 ENVIRONMENT 167 151 10.0% 24 19 24.1% WATER 128 138-7.4% 21 20 8.6% MULTI-SERVICES 113 110 2.3% 6 6 1.6% ENERGY 86 84 2.6% 31 18 70.3% TOTAL 493 484 2.0% 82 63 30.6% EBITDA margin (%) 16.7 13.1 13.0 10.8 Jun-08 Jun-09 Jun-10 Jun-11 Sacyr Vallehermoso 18
Valoriza: Activity Backlog by Activity Multiservices 8% Environment 24% Water 52% 11,951 million 30% International Energy 16% Sacyr Vallehermoso 19
Residential development: Vallehermoso million 30 JUNE Chg. 11/10 RESIDENTIAL DEVELOPMENT: VALLEHERMOSO 2011 2010 Revenue 98 299-67.4% - Housing 93 287-67.5% - Extraordinary land sales 1 10-86.2% - Services 4 2 28.3% EBITDA -6-71 91.5% Gross margin (before overhead and commercial expenses) - Housing 0.3% 8.4% product sales - Extraord. land and other residential 98.3% -503.5% EBITDA margin -6.2% -23.9% NET PROFIT -21-11 Sacyr Vallehermoso 20
Vallehermoso: Asset Valuation Debt ( million) JUNE 2011 Related to work-in-progress and finished goods 469 Related to land 883 Cash and cash equivalents -29 TOTAL NET DEBT 1,323 Housing stock (num. of homes) 1,367 GAV 2,438 591 Dec-10 Unrealized gains ASSET APPRAISAL 2010 Land Finished product Construction in progress Other assets 1,608 728 29 73 TOTAL 2,438 Gains/Asset value 24% Sacyr Vallehermoso 21
Rental Property: Testa million 30 JUNE RENTAL PROPERTY: TESTA 2011 2010 Chg. 11/10 Revenue 123 126-2.0% EBITDA 98 101-2.4% EBITDA margin 79.6% 79.9% -0.3 NET PROFIT 36 31 19.1% NET PROFIT margin 29.6% 24.4% 5.2 Sacyr Vallehermoso 22
Testa: Products million 30 JUNE PRODUCT 2011 2010 Chg. 11/10 Offices 81.0 83.1-2.5% Shopping centres 12.2 12.6-2.5% Hotels 14.2 14.1 1.3% Housing 6.8 6.3 7.5% Industrial premises 4.9 5.6-12.3% Senior citizens' homes 0.9 0.9 1.8% Parkings 0.6 0.6 5.0% Services and other 2.5 2.7-7.8% REVENUE 123.3 125.9-2.0% E Occupancy: 96% Sacyr Vallehermoso 23
Rental Property: Testa Revenue: 87% Madrid, Barcelona, Paris and Miami Revenue: 66% Offices USA 5% Other 13% Other 12% Paris 13% Shopping centers 10% Madrid 54% Hotels 12% Cataluña 15% Offices 66% Sacyr Vallehermoso 24
Testa: Fair value of assets Fair value of assets ( million) GAV per product 4,105 Senior citizens' homes 0% Other 1% Work in progress, land and other 10% 2,425 Industrial premises 3% 1,157 Hotels 11% Housing 7% Offices 61% Shopping centres 7% GAV Dec-10 Unrealized gains < Net debt Total = 4,105 million Sacyr Vallehermoso 25
Concessions: Sacyr Concesiones million 30 JUNE CONCESSIONS: SACYR CONSESIONES 2011 2010 Chg. 11/10 Revenue (1) 67 30 123.6% EBITDA 44 16 176.7% EBITDA margin 65.8% 53.1% 12.7 NET PROFIT -10-10 -3.8% (1) In 2010, the sale of concession assets to Eiser did not contribute to revenue because these assets had been held for sale. Comparable growth, 57% Sacyr Vallehermoso 26
Sacyr Concesiones NEW CONTRACTS WON IN CHILE Duration Km Backlog m Concepción-Cabrero Highway 35 years 103 792 Link roads to Iquique 25 years 78 830 TOTAL 181 1,622 OPENED End of concession Km/num. of beds 1 st stretch, Vallenar-Caldera (Chile) 2023 65 km Hospital Universitario in Braga (Portugal) Autovía del Arlanzón (partially open) 2038 2026 800 beds 146 km Sacyr Vallehermoso 27
Sacyr Concesiones: Traffic ADT CONCESSION 2011 2010 Chg. 11/10 Viastur 22,946 22,178 3.5% Turia 36,598 37,128-1.4% Eresma 6,700 6,287 6.6% Barbanza 12,071 12,175-0.9% Arlanzón 19,795 20,344-2.7% Aunor 11,192 11,874-5.7% Pamasa 20,236 20,303-0.3% Hospital Noroeste - - - Hospital de Parla - - - Moncloa transport hub - - - Plaza Eliptica transport hub - - - Neopistas - - - Spain Autopista del Sol (Costa Rica) 25,432 21,695 17.2% N-6 Galway-Ballinasloe (Ireland) 8,901 8,612 3.4% M 50 Dublin (Ireland) 106,230 96,898 9.6% Vallenar-Caldera (Portugal) 4,319 International Sacyr Vallehermoso 28
Investees: Repsol SyV Group is Repsol's largest shareholder, with a 20.01% interest in the company. Repsol's net profit at 30 June 2011 was 1,344 million, of which SyV recorded 165 million as the result of its stake. Repsol contributed 64 million to SyV's net profit. Sacyr Sovex platform. Vallehermoso Santos basin (Brazil) 29
First Half Results Period highlights 1H11 results Business areas Appendices Sacyr Vallehermoso 30
Income statement million 30 JUNE INCOME STATEMENT 2011 2010 % Chg. 11/10 Revenue 2,092.9 2,345.3-10.8% Other income 152.4 192.7-20.9% External and operating expenses -1,958.5-2,343.6-16.4% GROSS OPERATING INCOME 286.8 194.4 47.5% Depreciation and amortisation -90.4-77.6 16.5% Provisions 4.1 68.9 94.0% NET OPERATING PROFIT 200.5 185.7 8.0% Net finance income/(loss) and exchange gains/(losses) -260.5-209.9 24.1% Share of profit (loss) of associates 157.1 95.0 65.4% Provisions for financial investments -0.0 11.4 N/M Gain/(loss) on disposal of non-current assets -5.1 0.4 N/M PROFIT/(LOSS) BEFORE TAX 92.0 82.5 11.4% Income tax expense 10.4 2.8 262.1% PROFIT/(LOSS) FOR THE PERIOD FROM CONTINUING OPERATIONS 102.4 85.3 19.8% DISCONTINUED OPERATIONS 0.0 1.0 N/M PROFIT/(LOSS) FOR THE PERIOD 102.4 86.3 18.6% Minority interests 1.5-4.7 N/M Sacyr Vallehermoso 31 NET ATTRIBUTABLE PROFIT 103.9 81.6 27.3%
Balance Sheet million BALANCE SHEET June 2011 December 2010 Chg. 1H11 Non-current assets 14,769.9 14,676.7 93.2 Investment properties 2,626.1 2,654.5-28.4 Concession projects 1,590.5 1,646.5-56.0 Financial assets 9,691.5 9,550.3 141.2 Other non-current assets 861.8 825.4 36.4 Current assets 5,906.6 6,436.4-529.8 Non-current assets held for sale 314.5 311.7 2.8 Inventories, and trade and other receivables 4,711.6 4,876.8-165.2 Financial assets 209.9 464.2-254.2 Cash and cash equivalents 670.5 783.7-113.2 TOTAL ASSETS-LIABILITIES 20,676.4 21,113.1-436.7 Equity 3,924.9 3,791.1 133.8 Shareholders Equity 3,849.4 3,710.4 139.0 Minortity interests 75.5 80.7-5.2 Current and non-current liabilities 16,751.5 17,322.0-570.5 Borrowings 12,073.6 12,242.5-168.9 Sacyr Vallehermoso 32 Other current and non-current liabilities 4,677.9 5,079.5-401.6
Income statement by business 30 June 2011 CONSOLIDATED INCOME STATEMENT AS OF JUNE 2011 2009 (Thousands of Euros) Sacyr Concessions Vallehermoso Testa Valoriza Somague Holding & Adjustments Turnover 983,225 67,062 97,551 123,329 493,325 366,157-37,711 2,092,938 Other Sales 111,293 9,764 2,645 1,625 28,756 14,443-16,170 152,356 Total Income 1,094,518 76,826 100,196 124,953 522,080 380,600-53,880 2,245,294 External and Operating Expenses -1,041,816-32,712-106,275-26,787-439,915-356,727 45,762-1,958,470 GROSS OPERATING PROFIT 52,702 44,114-6,079 98,166 82,165 23,874-8,118 286,824 Depreciation -17,047-10,783-1,271-22,153-24,871-5,593-8,720-90,439 Trade Provisions 6,055-1,695 5,387-265 -1,337-3,616 100 4,630 NET OPERATING PROFIT 41,711 31,637-1,963 75,749 55,957 14,664-16,739 201,015 Changes in fixed assets provisions -362 0 0 0-123 0 0-485 NET OPERATING PROFIT 41,349 31,637-1,963 75,749 55,834 14,664-16,739 200,530 Financial results 5,715-38,619-23,281-22,972-20,400-4,982-152,674-257,213 Adjustment in exchange rates -117 166 0 0 80-3,407-46 -3,325 Results from equity accounted subsidiaries -272-7,312 15-1 425 223 163,986 157,064 Provisions for financial investments 0 0-217 0 20 9-150 -338 Change in value of financial instruments at fair value 0 213 0 0 149 0 0 363 Results from sales of non current assets -1,836 29 5 0-3,288-58 12-5,137 PROFIT BEFORE TAXES 44,838-13,886-25,441 52,776 32,820 6,449-5,612 91,944 Corporate Tax -14,650 8 5,174-16,252-9,498-2,772 48,453 10,463 PROFIT FOR CONTINUING ACTIVITIES 30,188-13,878-20,268 36,524 23,322 3,678 42,842 102,407 PROFIT FOR DISCONTINUING ACTIVITIES 0 0 0 0 0 0 0 0 CONSOLIDATE RESULTS 30,188-13,878-20,268 36,524 23,322 3,678 42,842 102,407 Minorities 687 3,500-708 -1-1,805-40 -137 1,496 NET ATTRIBUTABLE PROFIT 30,874-10,378-20,976 36,524 21,516 3,638 42,704 103,903 TOTAL Sacyr Vallehermoso 33
Income statement by business 30 June 2010 CONSOLIDATED INCOME STATEMENT AS OF JUNE 2010 (Thousands of Euros) Sacyr Concessions Vallehermoso Testa Valoriza Somague Holding & Adjustments TOTAL Turnover 1,091,786 29,997 299,360 125,904 483,740 373,783-59,250 2,345,319 Other Sales 65,610 237,942 8,853 983 30,655 19,831-171,201 192,673 Total Income 1,157,396 267,939 308,213 126,886 514,395 393,614-230,452 2,537,991 External and Operating Expenses -1,099,182-251,997-379,723-26,269-451,474-375,218 240,298-2,343,565 GROSS OPERATING PROFIT 58,214 15,942-71,509 100,618 62,921 18,396 9,846 194,427 Depreciation -9,663-12,109-1,289-22,269-22,005-6,037-4,281-77,654 Trade Provisions -4,539 0 70,058-223 -1,682-3,423 8,700 68,891 NET OPERATING PROFIT 44,011 3,833-2,741 78,125 39,234 8,937 14,265 185,664 Changes in fixed assets provisions 0 0 0 0 21 0 0 21 NET OPERATING PROFIT 44,011 3,833-2,741 78,125 39,254 8,937 14,265 185,685 Financial results 5,872-8,279-17,136-32,266-14,511-5,268-143,267-214,856 Adjustment in exchange rates -1,091 37 0 0 0 5,615 352 4,912 Results from equity accounted subsidiaries -26-8,569-28 16-70 220 103,416 94,959 Provisions for financial investments 0 0 12,001 0 120-363 -193 11,565 Change in value of financial instruments at fair value 0 0 0 0-158 0 0-158 Results from sales of non current assets 1,113-2 -630 0-36 0 0 445 PROFIT BEFORE TAXES 49,880-12,981-8,535 45,875 24,600 9,141-25,426 82,554 Corporate Tax -14,036 929 1,625-15,141-5,414-3,455 38,394 2,902 PROFIT FOR CONTINUING ACTIVITIES 35,844-12,052-6,910 30,734 19,185 5,685 12,969 85,455 PROFIT FOR DISCONTINUING ACTIVITIES 0 896 0 0 0 0 0 896 CONSOLIDATE RESULTS 35,844-11,155-6,910 30,734 19,185 5,685 12,969 86,351 Minorities -435 1,157-3,944-63 -1,314-30 -124-4,753 NET ATTRIBUTABLE PROFIT 35,408-9,999-10,853 30,672 17,871 5,655 12,844 81,598 Sacyr Vallehermoso 34
Balance sheet by business at 30 June 2011 CONSOLIDATED BALANCE SHEET AS OF JUNE 2011 (Thousands of Euros) Sacyr Concessions Vallehermoso Testa Valoriza Somague Holding & Adjustments TOTAL NON CURRENT ASSETS 363,938 2,354,275 104,852 3,801,543 1,049,210 157,784 6,938,289 14,769,891 Intangible Assets 858 148 0 0 12,566 652 1,277 15,501 Real Estate Investments 0 0 52,141 2,782,718 0 0-208,793 2,626,066 Concessions Investments 59,788 1,003,679 0 134,231 391,138 1,679 0 1,590,515 Fixed Assets 178,081 5,390 2,377 219 351,080 85,384 6,338 628,869 Financial Assets 125,211 1,309,633 42,588 884,374 165,825 42,672 7,121,238 9,691,541 Other non Current Assets 0 35,426 7,746 0 11,161 595 0 54,928 Goodwill 0 0 0 0 117,439 26,802 18,230 162,471 CURRENT ASSETS 2,447,996 522,458 1,840,196 156,628 733,885 713,457-508,063 5,906,557 Non current assets held for sale 0 314,482 0 0 0 0 0 314,482 Inventories 270,529 129 1,758,687 0 15,074 44,573 256,664 2,345,656 Accounts Receivable 1,337,279 72,106 52,354 27,864 613,210 576,732-313,610 2,365,936 Financial Assets 619,080 18,938 7,396 1,442 20,284 4,263-461,411 209,993 Cash 221,108 116,803 21,759 127,321 85,316 87,889 10,295 670,490 ASSETS = LIABILITIES 2,811,934 2,876,733 1,945,048 3,958,170 1,783,095 871,240 6,430,227 20,676,447 Equity 590,420 179,674 74,759 1,285,386 379,033 153,162 1,262,513 3,924,947 Shareholder's Equity 577,687 148,757 69,723 1,285,332 351,221 152,972 1,263,749 3,849,441 Minority Interests 12,733 30,917 5,035 54 27,812 190-1,237 75,505 NON CURRENT LIABILITIES 176,258 2,084,979 579,741 2,488,287 555,074 89,424-29,881 5,943,883 Financial Debt 41,149 1,141,146 303,306 2,426,911 362,247 62,675 449,422 4,786,856 Financial Instruments at fair value 0 102,776 0 5,498 15,982 0 0 124,256 Provisions 7,038 16,792 50,316 5,538 33,728 9,754 1,715 124,881 Other non current Liabilities 128,071 824,266 226,119 50,341 143,117 16,995-481,018 907,891 CURRENT LIABILITIES 2,045,256 612,080 1,290,549 184,498 848,987 628,654 5,197,594 10,807,617 Liabilities associated with the non current assets held for sale 0 0 0 0 0 0 0 0 Financial Debt 151,571 201,961 1,049,051 132,762 230,113 113,188 5,408,107 7,286,753 Trade Accounts Payable 1,137,105 220,462 201,526 20,778 218,028 426,878 107,807 2,332,584 Operating Provisions 102,633 3 0 2,321 15,224 22,645 21,300 164,125 Other current liabilities 653,948 189,655 39,972 28,637 385,621 65,943-339,620 1,024,156 Sacyr Vallehermoso 35
Balance sheet by business at 31 December 2010 CONSOLIDATED BALANCE SHEET AS OF DECEMBER 2010 (Thousands of Euros) Sacyr Concessions Vallehermoso Testa Valoriza Somague Holding & Adjustments TOTAL NON CURRENT ASSETS 403,886 2,182,567 110,130 3,788,903 1,059,360 171,760 6,960,088 14,676,695 Intangible Assets 786 172 0 0 12,621 662 1,810 16,050 Real Estate Investments 0 0 53,677 2,803,359 0 0-202,572 2,654,463 Concessions Investments 147,041 1,059,515 0 134,317 392,130 1,782-88,334 1,646,451 Fixed Assets 170,300 5,267 2,453 220 352,769 86,551 7,144 624,704 Financial Assets 85,759 1,116,833 47,404 851,007 173,213 55,964 7,220,135 9,550,315 Other non Current Assets 0 780 6,597 0 11,186 0 0 18,563 Goodwill 0 0 0 0 117,441 26,802 21,906 166,149 CURRENT ASSETS 2,806,880 286,284 1,933,458 243,380 683,517 736,994-254,113 6,436,400 Non current assets held for sale 0 0 0 0 0 0 311,702 311,702 Inventories 353,179 10,739 1,830,499 0 13,055 57,045 246,059 2,510,577 Accounts Receivable 1,519,760 181,244 51,438 28,327 565,347 562,230-542,185 2,366,160 Financial Assets 674,040 15,341 6,290 1,310 14,013 3,692-250,439 464,246 Cash 259,901 78,961 45,231 213,743 91,102 114,027-19,250 783,715 ASSETS = LIABILITIES 3,210,766 2,468,851 2,043,588 4,032,282 1,742,878 908,754 6,705,976 21,113,095 Equity 640,249 184,656 98,021 1,287,956 376,964 150,238 1,053,069 3,791,153 Shareholder's Equity 617,881 155,368 92,098 1,282,146 351,163 150,032 1,061,717 3,710,404 Minority Interests 22,368 29,289 5,923 5,810 25,801 205-8,647 80,749 NON CURRENT LIABILITIES 299,695 1,366,905 564,558 2,567,885 540,931 86,102 196,503 5,622,580 Financial Debt 126,769 1,057,308 261,688 2,506,468 383,461 64,174 82,487 4,482,355 Financial Instruments at fair value 128 114,273 0 5,559 18,523 0-128 138,354 Provisions 6,968 8,138 59,833 5,561 35,686 6,502 995 123,683 Other non current Liabilities 165,831 187,187 243,038 50,297 103,262 15,426 113,149 878,189 CURRENT LIABILITIES 2,270,822 917,290 1,381,009 176,441 824,982 672,414 5,456,403 11,699,361 Liabilities associated with the non current assets held for sale 0 0 0 0 0 0 0 0 Financial Debt 112,312 190,181 1,090,705 132,831 299,164 118,748 5,816,243 7,760,183 Trade Accounts Payable 1,646,335 147,593 255,484 24,689 261,351 456,964 147,889 2,940,305 Operating Provisions 100,231 0 0 906 15,276 25,266 45,469 187,148 Other current liabilities 411,943 579,516 34,820 18,015 249,192 71,436-553,198 811,725 Sacyr Vallehermoso 36
NOTE: the financial information presented in this document has been prepared in accordance with International Financial Reporting Standards. This information is not audited and may be modified in the future.